Damon Mcknight
There are several ways to transfer money from Ireland to Australia. You can use a bank, a foreign exchange broker, or a peer-to-peer (P2P) currency exchange platform. Banks are generally the most expensive option, with fees ranging from 4-6% on the exchange rate and additional sending or receiving fees. P2P platforms, on the other hand, offer lower fees and use the real mid-market exchange rate, resulting in significant savings for larger transfers. Foreign exchange brokers, such as OFX and CurrencyFair, can offer dedicated advice on exchange rates and the best time to transfer, ensuring you get the most out of your money. Transferwise and Revolut are also popular options for transferring money between Ireland and Australia.
| Characteristics | Values |
|---|---|
| Transfer method | Bank transfer, debit card, credit card, direct debit (ACH), mobile wallet, P2P exchange platforms, foreign exchange brokers |
| Transfer time | Between minutes and 3 business days, depending on the payment method and destination country |
| Transfer fee | Between 4% and 6% for bank transfers; €3 or currency equivalent for CurrencyFair; waived for first transfer with Xoom |
| Exchange rate | 0.49% added to the mid-market currency exchange rate for CurrencyFair; no additional currency exchange fees for transfers within the exchange allowance with Revolut |
| Recipient details required | Name, address, phone number, bank name, account number, IBAN, BIC, sort code |
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What You'll Learn
Why you shouldn't transfer money via banks
When transferring money from Ireland to Australia, it is best to avoid bank-to-bank transfers. Banks can charge between 4% and 6% on the exchange rate, and often charge sending or receiving fees on top of this. This can be costly, especially for large amounts of money. For example, Bank of America charges $3,500 as a daily transfer limit, and wire transfers can cost around $26.
There are alternative options available, such as CurrencyFair, which offers a more competitive exchange rate and lower fees. CurrencyFair allows you to send money to their local bank account and then exchange it on their marketplace for the desired currency. You can then send the money to your bank account. This method means you avoid paying sending or receiving fees, and their flat fee is low at just €3 or the currency equivalent.
Other options include Transferwise, which offers simple and easy-to-use transfers with excellent rates. OFX (Ozforex) is also a good choice, offering fast and secure international transfers with better FX rates than banks.
If you are looking for a quick transfer, there are instant transfer options available through banks, such as same-day transfers, but these can be costly. It is worth considering the speed and cost of the transfer and choosing the right method for your needs. For example, if you are not in a rush, you could opt for a paper check, which can take several days to clear but may be a cheaper option.
Overall, it is best to avoid bank-to-bank transfers when transferring money from Ireland to Australia due to the high fees and exchange rates. Alternative options provide more competitive rates and lower fees, saving you money.
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Peer-to-peer currency exchange platforms
Peer-to-peer (P2P) currency exchange platforms offer an alternative to traditional banks for those looking to transfer money from Ireland to Australia. These services are called "peer-to-peer" because they match you with someone else in the world looking to make a similar transfer. They are generally much cheaper than the services offered by banks, as they use the real, mid-market exchange rate and charge very low fees. According to Investopedia, the average savings on international transfers using a P2P platform compared to banks range between 75% and 90%.
There are several P2P payment providers to choose from, each with its own unique features and offerings. Here are some popular options:
- Wise (formerly TransferWise): This platform offers a mid-market rate for currency transfers by matching members with one another to get the best rate. You can open your own online bank account in a variety of local currencies. Wise's fees for sending pound sterling to Ireland are currently 0.33% of the converted amount and a flat fee of £0.59 (as of November 2024).
- CurrencyFair: CurrencyFair has central offices in Australia, Ireland, and the UK, and its platform provides currency exchange transactions in Europe and elsewhere. The firm is regulated by the Australian Securities and Investment Commission (ASIC) and the Central Bank of Ireland.
- PayPal: PayPal offers peer-to-peer foreign currency exchange as part of its comprehensive online payment services. It provides strong security features, such as encryption, fraud detection, and fraud protection. PayPal is also accepted globally, offering versatility across various currencies.
Before choosing a P2P platform, it is important to do some basic research and consider certain factors. Here are some key points to keep in mind:
- Volume and liquidity: Look for a platform that does high-volume transactions, as this ensures better rates, quick conversions, and smooth transfers.
- Number of currencies: Check the number of currencies the platform offers and ensure they exchange your specific currencies.
- Exchange rates and fees: Compare the exchange rates and fees of different platforms.
- Regulation and licensing: Verify that the platform is registered with the authorised country agency and has all the necessary licenses. Prefer platforms that keep customer money in segregated accounts, as this offers better protection.
- Security features: Ensure the platform uses standard security features like two-factor authentication, biometric data, and encryption.
- Transfer methods: Consider the transfer methods offered by the platform, such as online transfers, in-person pickups, or cash pickups.
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Foreign exchange brokers
When transferring money from Ireland to Australia, it is recommended to use a foreign exchange broker instead of a bank transfer service. Banks typically charge between 4% and 6% on the exchange rate and often have sending or receiving fees. They may also set limits on transfer amounts.
It is important to compare both transfer fees and exchange rates when choosing a money transmitter. Some foreign exchange brokers allow you to lock in your exchange rate in advance, which can be beneficial if you are transferring a large sum. It is also worth checking whether the broker charges any additional fees, such as international deposit or transfer fees.
In addition to OFX and CurrencyFair, other foreign exchange brokers that facilitate transfers from Ireland to Australia include TransferWise (Wise), Revolut, XE Money Transfer, and Interactive Brokers.
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Transferring money via apps
While transferring money from Ireland to Australia, it is best to avoid bank-to-bank transfers due to their high exchange rate fees and additional sending or receiving charges. Instead, consider using money transfer apps that offer more competitive exchange rates and lower fees. Here are some options for transferring money via apps:
Ria Money Transfer
Ria Money Transfer offers a convenient app that enables you to send money from Australia to Ireland quickly, securely, and conveniently. The app allows you to track transfers using your PIN or order number, check rates, and locate the nearest Ria locations. You can choose between cash pickup or bank deposit for your recipient in Ireland.
Xe International Money Transfer
The Xe app provides an easy and secure way to transfer money internationally, including from Australia to Ireland. It uses live exchange rates, and you can see the exact cost of your transfer before finalising it. Card payments are the fastest option, processed almost instantly, while bank transfers can take up to four business days. The app also offers live chat support and allows you to track your transfers.
Western Union
The Western Union app allows you to send money from Australia to Ireland conveniently and securely. You can track your transfers in real time and choose from various payment options, including online, via the app, or in-person at a Western Union agent location. Your recipient can receive the money directly in their bank account or as cash pickup at an agent location.
Remitly
Remitly is a fast and reliable app for sending money internationally. It offers multi-level security to protect your data and provides friendly customer support. With Remitly, you can choose the currency, amount, and delivery speed, and your recipient can receive the money via cash pickup or bank deposit in Ireland.
TransferWise
TransferWise is a simple and user-friendly app known for offering excellent exchange rates. It allows for easy transfers between Ireland and Australia, although specific details on their app are scarce.
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Transferring money via cards
When transferring money internationally, one convenient and widely used method is through debit or credit cards. This can be done by utilizing the services of a reputable card network, such as Visa or MasterCard, which offer secure and efficient money transfer options. Here's a step-by-step guide on how to transfer money from Ireland to Australia using this method:
Firstly, ensure that both the sender and the recipient have valid debit or credit cards that are accepted worldwide. This means looking for the Visa or MasterCard logo on your card, as these networks provide extensive global coverage and are accepted by most banks and financial institutions in both Ireland and Australia.
Then, you will need to find out the recipient's bank details, including their full name as it appears on their bank account, their bank account number, and the SWIFT or BIC code of their bank in Australia. It is crucial to get these details accurately to ensure the money is transferred to the correct account.
Contact your bank in Ireland to initiate the transfer. Provide them with the recipient's bank details and specify the amount you wish to transfer. Your bank will then facilitate the transaction through the corresponding card network, acting as an intermediary to ensure the funds reach the recipient's account in Australia.
Card networks like Visa and MasterCard offer secure and transparent transactions, utilizing advanced encryption technologies to protect your financial information. The entire process is digital, ensuring faster transfer speeds compared to traditional wire transfers, although the exact timing can vary depending on the banks involved and the amount being transferred.
Keep in mind that there may be associated fees with transferring money via cards, including transaction fees levied by your bank or the card network. These fees can vary, so it is essential to inquire about them beforehand to avoid unexpected charges. Additionally, be mindful of exchange rates, as the amount transferred will be converted from Euros to Australian Dollars, which can impact the final amount received.
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Frequently asked questions
You can use peer-to-peer currency exchange platforms like Wise, Transferwise, CurrencyFair, or Revolut. These platforms typically offer much better exchange rates and lower fees than banks.
CurrencyFair is a good option for smaller transfers as they only add 0.49% to the mid-market currency exchange rate and have a low flat fee of €3. For larger transfers (over $5000), OFX offers dedicated brokers who can advise on the best time to transfer to get the best rate.
Depending on the service you use, transferring money from Ireland to Australia can take anywhere from a few minutes to 3-5 business days. For example, transfers through Revolut typically arrive within minutes, while transfers through HSBC will "normally be credited by the next working day".
To transfer money to Australia, you will typically need the recipient's full name, bank account number, and sort code. In some cases, you may also need additional information such as the account number or IBAN (International Bank Account Number) and the BIC (Business Identifier Code).
Some popular money transfer services for this route include Revolut, Wise, Transferwise, CurrencyFair, OFX, and Xoom (a PayPal service).
